14 February 2023

CMS Emerging Europe M&A Report 2022/23

The findings from the latest CMS Emerging Europe M&A Report show that M&A activity in the region maintains a steady pace, though deal values were notably lower, and there were variations across territories and sectors. While 2022 brought a unique set of challenges, dealmaking largely compared favourably to pre-pandemic levels. M&A players showed that they can readily adapt to the new circumstances and, although they are more cautious in pursuing targets, M&A activity remains robust. Counterintuitively, in some countries geopolitical tensions have led to higher deal activity, as our roundup of countries’ performances in the report shows.
The key findings of the CMS Emerging Europe M&A Report include the following:

  • M&A activity across Emerging Europe rose by 5.6% in volume to 1,229 deals, as compared to 2021. In contrast, the total deal value fell by 20%, to EUR 32.93bn
  • Cross-border deal activity was a strongpoint, up from 743 to 815 deals, although values fell from EUR 38.2bn to EUR 22.7bn
  • PE equity volumes edged up to a five-year high of 289 but values at the lowest in five years
  • Poland saw the highest volumes and deal value hit a decade high of EUR 15.97bn. Romania saw the second highest volume,
  • The United States continues to be the most active foreign country, with 126 deals in 2022.

Full report